The Crown Estate has acquired the Silverlink shopping park in North Tyneside for £131m as part of a multi-million pound investment programme into the regional retail and leisure sector.
The company will add circa 327,000 sq ft of new retail and leisure space to its portfolio following the purchase of the shopping complex from LaSalle Investment Management.
James Boyd-Phillips, head of retail for LaSalle Investment Management said: “LaSalle Investment Managment bought Silverlink in 2009 for £82m and over the last four years we have established it as the dominant shopping park in the east of the city. The success of the park over the last couple of years has recently attracted H&M and encouraged M&S to agree to extend its unit to 38,000sq ft. The sale of this asset is part of our retail strategy to recycle the capital into other opportunities.”
Silverlink, which is currently fully let, comprises over 200,000sq ft of retail accommodation and a standalone 30,000 sq ft unit currently let to Wickes.
Paul Clark of the Crown Estate added: “Shopping trends have led retail and leisure occupiers to increasingly consolidate into larger, more dominant schemes. This has driven our investment in prime retail assets outside of London giving us confidence that these types of schemes can deliver strong returns.”